Companies

InfuSystem Oncology Crosses $20 Million in a Quarter

The Tip Desk · August 4, 2026 · 4 min read

Net revenues reached $36.9 million, up 2.6% from a year earlier, and Adjusted EBITDA rose 7.6% to $8.6 million.

InfuSystem Holdings, Inc. (INFU), a national health care service provider for outpatient durable medical equipment, reported net revenues of $36.9 million for the second quarter ended June 30, 2026, a 2.6% increase from $36.0 million a year earlier after a 3% year-over-year decline in the first quarter.

The company said pro-forma growth excluding the GE Healthcare biomedical contract restructuring was 7.5%. Chief Executive Officer Carrie Lachance said the quarter delivered record revenue and that Oncology surpassed $20 million in quarterly revenue for the first time.

Patient Services net revenue was $24.8 million, up 15.2% from $21.5 million a year earlier, after a 6% year-over-year increase in the first quarter. The company attributed the rise primarily to additional treatment volume and higher third-party payer collections in Oncology and Wound Care. Oncology revenue benefited by $1.2 million, or 6.4%. Wound Care rose $2.1 million, or 154%, and included Pneumatic Compression Devices and Adjustable Compression Wraps from two new suppliers; there was no PCD or ACW revenue in the second quarter of 2025 because the products launched in the third quarter of 2025 and the first quarter of 2026.

Device Solutions net revenue was $12.1 million, down 16.1% from $14.5 million a year earlier, after a 17% year-over-year decline in the first quarter. The drop included a $1.8 million, or 39.4%, decrease in biomedical services and a $1.0 million, or 49.0%, decrease in medical equipment sales. Of the biomedical decline, $1.6 million reflected the reduced volume and service level on the GE Healthcare contract restructured in the third quarter of 2025. The company said the restructuring reduced second-quarter revenue by $1.6 million and full-year 2026 revenue by $7.1 million, and that it cut expenses by a larger amount. Equipment sales were also lower because a large customer rental buyout that began in the prior year’s first quarter had lifted equipment sales then and reduced rental revenues in later quarters; rental revenue still increased in the quarter.

Gross profit was $21.4 million, up 7.7% from $19.9 million a year earlier. Gross margin was 58.0%, up 2.8 percentage points from 55.2%. Patient Services gross profit was $15.3 million, up 10.9%, while Patient Services gross margin fell 2.4 percentage points to 61.8% on mix toward lower-margin wound care and higher pump maintenance costs. Device Solutions gross profit was $6.1 million, essentially unchanged from $6.1 million a year earlier despite lower revenue, as Device Solutions gross margin rose 8.3 percentage points to 50.2%, including a 4.8-point lift from the GE Healthcare restructuring.

Net income was $3.2 million, or $0.15 a share, versus $2.6 million, or $0.12 a share, a year earlier, after net income of $1.0 million in the first quarter. Adjusted EBITDA was $8.6 million, up 7.6% from $8.0 million a year earlier, after being even with the year-ago quarter in the first quarter. Adjusted EBITDA margin was 23.4%, up 1.1 percentage points from 22.3%.

Selling and marketing expenses were $3.0 million, up 10.5%, and were 8.1% of net revenues. General and administrative expenses were $14.1 million, up 7.2%, and were 38.2% of net revenues. The company said G&A included a $0.6 million increase in stock-based compensation, $0.5 million of wage and healthcare inflation, and a $0.2 million increase in the bad-debt accrual, offset in part by a $0.3 million reduction in management-bonus accruals and a $0.3 million decrease in ERP-related expenses after the March 1, 2026 go-live.

InfuSystem is reaffirming full-year 2026 net revenue guidance. After adjusting for the GE Healthcare restructuring, pro-forma net revenue growth is estimated at 6% to 8% for 2026. The company continues to forecast Adjusted EBITDA margin in the mid to low 20s, including implementation expenses for the upgraded information technology systems.

Stock repurchases totaled $3.5 million in the quarter, after $856 thousand in the first quarter. Liquidity was $55.2 million as of June 30, 2026, consisting of $54.2 million of available revolving credit plus $1.0 million of cash. Net debt was $19.5 million.

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